More than 100 Fintech companies have applied to participate in the UK’s Open Up 2020 Challenge. The firms will be competing to tap into the evolving open banking economy and a chance to win a £1.5 million prize fund.
Managed by Nesta Challenges through a partnership with the Open Banking Implementation Entity (OBIE), the Open Up competition is requesting local Fintech companies to help the UK’s residents in using Open Banking services.
Recommended areas of investigation include current account comparison tools, ways to help account holders use overdraft services that are not managed by their banks, Robo financial management services, and micro-savings.
A panel of judges from the Alan Turing Institute, Bank of England, Citizens Advice, and the OBIE will select 15 finalists from 107 “high quality” competition participants.
Only 12 of the 15 finalists will receive £50,000 each. Three to four winning teams will get £300,000 each and their products will be promoted through a national digital awareness campaign.
Trustee of the OBIE Imran Gulamhuseinwala stated:
“We have been extremely encouraged by the high standard of the applicants to Open Up 2020. The entries not only reinforce the UK’s position as the leading fintech center of the world, but also showcase our innovation in utilizing open banking technology to help consumers make their money work harder.”
“Open banking has the potential to revolutionize UK financial services by giving people control over their financial data, and Open Up 2020 is a crucial part of this journey.”